My name is Brian and I started investing in multifamily properties in 2000 when I was 29 years old. My first property was a small duplex with a garage apartment that I bought in Dallas for $108,000. I lived on one side and leased the other two units out to friends. I was amazed even with an FHA loan and the dreaded PMI I was still able to break even each month. The combination of living rent free AND building equity in my home with other peoples’ money seemed too good to be true, but there I was doing it. (And thankfully my tenants paid their rent and we are still good friends)
Stocks vs Multifamily Homes
Around that same time we suffered the “dot-com bubble” in the stock market. My Pets.com and Net.B@nk stock were suddenly worthless! I realized that I had no control of those companies, but I did have some control over my duplex. I slept better at night knowing I didn’t have to worry about turning on CNBC in the morning and having Joe Kernen tell me my duplex missed its quarterly earnings and was now worth 80% less than it was when I went to sleep.
The combination of having more control over my investment and leveraging other peoples’ money to grow equity had me hooked.
Since then I’ve bought, lived in and sold additional 2, 3 and 4 unit properties mostly using conventional financing. They haven’t all been winners, and I’ve learned the hard way that the best path for me personally is to buy and hold rather than trying to fix and flip. That first duplex I bought in Dallas is now worth nearly $400k! Too bad I sold it 17 years ago…
Why did I build this site?
I’ve got nothing to sell you. I’m not a financial expert or real estate broker. I’m just a guy who wants to spread the word about how multifamily properties can be a great way to build wealth. So I created a place where casual investors curious about adding a multifamily property to their portfolio might find some good information and ideas, and maybe avoid some of the mistakes others have made. I’m going to interview people, talk to mortgage brokers, insurance agents, Realtors and other experts and log all that here. My hope is that someone finds it useful. I also plan to let Realtors list multifamily properties for sale that investors and owner-occupiers might find interesting.
First, some ground rules:
- This site is for informational purposes only
- I am not a financial advisor or real estate professional
- I do not know your situation and do not have an opinion about if investment property is right for you
- You must read our Disclaimer before proceeding
Please browse the site, contribute comments and share your experiences with investing in duplexes.